Why Do You Need Renters Insurance?

I was out last week visiting a few of the apartments in the city and was talking with a renter in the Beaverton area. She said she'd been asked before about renters insurance and really didn't see the point of it. All the furnishings she had were given to her by family and friends or picked up second hand so there really wasn't that much to insure.

What she, and many like her don't realize, is that Renters insurance covers property for its replacement cost. This means that even though she didn't pay for her dining table, it was given to her by her mother when she purchased a new one, if its damaged in a covered loss we will replace it with a new one at current cost. If you lose 20 shirts our claims adjuster isn't going to figure how much each of those shirts are worth today, they'll pay based on the cost to buy 20 new ones to replace them.

There are also many other coverages built into renters policies to make them worth the small cost of coverage. Over the following days I will cover each so please feel free to email any questions you have relating to renters insurance.